Ask Experts Questions for FREE Help !
Ask
    bak2skol's Avatar
    bak2skol Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 19, 2009, 10:02 PM
    Partnership Accounting
    What is our entry in the sole proprietor's book of Pascua who enters into a partneship if the new partners agree to assume the accounts payable (of Pascua) to the partnership?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Nov 20, 2009, 01:19 AM

    You need to get agreed-upon values of anything being contributed by Pascua. Then you're debiting those values of any assets, crediting the liabilities, crediting Pascua's account, and then you also have to deal with a possible bonus situation, which I can't answer without more details.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Advanced partnership accounting [ 2 Answers ]

( November, 1967 CPA Exam) :The total of the partners' capital accounts was $110,000.00 before recognition of partnership goodwill in preparation for the withdrawal of a partner whose profit and loss sharing ratio is 20%. He was paid $28,000.00 by the firm in final settlement for his interest....

Partnership accounting [ 1 Answers ]

I have my final alevel exam tom of accounting, if anyone out there can help me with PARTNERSHIP ACCOUNTING it wuld be nice!! Help me!?

Corporate Partnership Accounting Entries [ 2 Answers ]

I have been doing accounting for 25 years, and have just encountered an entry I've never made before. I need to record a loss from a K-1 Form in corporate financial statements, and on tax returns. Help!

View more questions Search